sumastardon

Bitcoin: BTCUSD Neutral- break above 6550 and hold for next long

BITSTAMP:BTCUSD   比特币/美元
Bitcoin: BTCUSD             Neutral right now - must break above 6550 and hold on retest to trigger next long
This could well be a continuation pattern before Bitcoin             rallies potentially as high as 7400 in bear-mangling AbC
pattern - after throwing everyone off it's back except day traders - who are also now fighting a narrowing field
with a little flag pattern appearing over the last hour or so, some bearish and some bullish but neither yet
winning the argument - but it's centred precisely around the 6450 pivot point , nevertheless, so this level remains
important to the bulls - and bears and does seem to be the key level for the day, still.
For Bulls to win the day they have to force price back above 6450 firstly, and then 6550 where the old dynamic
lies once more and it has to hold up on the first retest of this line from above if broken at any point on 15 minute,
or at least must leave a pin bar if broken for a few moments - it's still possible at this point - if we see it and the
retest is successful (this turgid process can take a couple of hours, and like fishing it helps if you can maintain a
zen-like calm if you trade this break, should we see it. Looking to follow on the retest with stop under 6470 for now,
looking to close out at 6940 if touched and likely go short for 200 points on first touch with stop 50 points above.
For the bears to win out from here all that needs to happen is for price to remain under 6450 pivot point . it really
could flip either way and all this indecision bleeds out of the chart - too much mixed super near term conflict,
players so exhausted or baffled that fighting has ground to stand still...for now...
So far the attempted break above 6550 is failing...still stuck in neutral, but the bulls are really trying for it now.
Faster updates are available by subscribing free to Tradingview.com where comments can be updated quickly
without struggling with formats and charts and other BS. Followers can get automatic notification of updates from
there. I'm still trying to refine this, and to find the best way to deliver timely updates without overload. And also looking
for a social-media savvy US based promoter to help take this to the next level. Today wasn't great but where else can you
make 1500 points on the weekend in a flat market overall? Isn't it better than the Londay day-break strategy ? Or not ?
Please respond, it means a lot to get honest feedback and any suggestions are welcome, particularly from those followers
who have joined the hunt for Bitcoin             and have followed for a week or two. Anyone out there interested in any of that? And
who is that daybreak strategy guy anyway? It's like he's living in my computer. Anyone out there? Please respond. It will
help improve the service.
A review of a pretty poor day is on the chart itself fyi with mistakes owned and explained. At least losses were always
contained with stops. One small consolation from a day of whipsaw and indecision and busted stops.
评论: The way this is behaving now, sliding down the upper parallel of the continuation pattern is still more bullish than bearish, though doesn't look it, granted...it can spend a while yet grinding lower but so long as it finds support from 6450 pivot this is, surprisingly, looking like it might well make a break to the upside yet. This will confound bears, obviously, and stops will start flying, again. That''s why we're flat watching this stooge around drifting down the upper little parallel. If it dips down to 6450 it's a speccy buy for day-traders with a stop tight under at 6400. But it still needs to break above the stonger potential dynamic resistance line at 6550 and then hold on retest (as laboriously explained above and or in previous comments for other traders to consider going long again. this process requires the patience of a saint on a fishing expedition. If you got it, stay with it a while. It could just pay off. And, like fishing, we may also catch nothing.
Downside is trickier to judge right now unless day-trading between the lines - don't think it's safe to short again unless 6300 gives way. and at moment the pattern is not saying bearish, just boring . Be Lucky! patient too
评论: Good bear engulfing green candle wiping all those hours of grinding action out in in minutes. Now it needs to push on over 6550 and damn well hold and now China's open...and we have a rally taking off
评论: Clever day-traders! They will close out here and bring it back down again and so the damn game continues. Patience. Or be a day-trader! Today is sooo their day so far, but maybe not done yet...sheesh
评论: recent price action has created 2 annoying spikes at 6580 (though not as annoying as being long up there on the two false breaks so far at least). This can still tip either way, especially if this is all the Chinese open has to give on buy side....that good green candle just day traders and maybe novices. It's midnight UK time and been on this for 15 hours non stop and need to eat and maybe sleep. I wanted to trade. The signals are too conflicting except for day traders and I don't want to be responsible for setting off swing trades I can't watch over - I just don't trust this enough right now. we need a trend to emerge and to recognise when to wait and stand back, hold our powder dry - and there's no strong clue except whipsaw saying beware until the coast clears and we get a fair wind again. So if you see that emerge overnight follow it on a dip but if not it's Ok. There's always tomorrow. Patience. Of a saint. Till tomorrow
I suggest everyone warmly : no more longs for 2017.
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arai02r6 fineregex
@fineregex, why do u say that ?
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fineregex arai02r6
@arai02r6, because the hype may have peaked and gone on for too long
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Great Analyses, I really appreciate your time and effort to explain everything in details.

My suggestion - exclude text from the chart. There is plenty of analyses below your chart.
Try to include your movement analyses in your chart instead of placing text there with minimalism - So that newbies can learn from you as well.

Keep up a great work. Thank you, once again.
+1 回复
sumastardon PRO cryptomizer
@cryptomizer, Thanks for the thoughtful and helpful feedback. The only reason I have to include the text on the chart is for people on Twitter to be able to expand and read the story - can you imagine me with 140 letters to play with? (hate doing this as it ruins the bigger picture which is nearly always beautiful in its own way) I wish I could just cut to the chase but am so concerned that the inexperienced and newbies join and can't be stopped from trading and feel responsible for them not blowing their foot off as they reach for their guns. So am thinking I need a website and a different way of presenting this ...in flux. Like Bitcoin. Good luck and thanks for the message.
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wow... Amazing analysis. I was stupid and after shorting from 6600 I didnt take profits on 5.800, so my order is still open... Is it worth that I wait for a bigger dip and maybe set stop loss in 6800? Thanks dude, again, very nice analysis
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pot12_pot emiescoszechuan
@emiescoszechuan, me too bro
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sumastardon PRO emiescoszechuan
@emiescoszechuan, Cannot trust this now until it sits above 6600-6615 where the old dynamic support is now acting as resistance...and it has hold this line when the next wave of selling ends showing that the bulls have won this epic 2 day battle...it's annoying to go neutral and so unlike bitcoin - we need it trending again to make decent money. look at Brent, that's the other best big market for traders who like trends
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Hey @sumastardon Investor Town Hall can help with your social media marketing by using the power of video to show and tell your marketing technical analysis so you can share that video on social media. Visit the channel at http://www.youtube.com/c/InvestorTownHallShow/videos ....email them at info@investortownhall.com get your voice heard...at no cost to you as this helps investors with TA knowledge to make educated decisions. Feel free to PM me any questions.
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sumastardon PRO CashFlowCrypto
@CashFlowCrypto, Hey thanks so much for that. I'm going to take a look at it. May well get back to you too. Thanks.
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